Whales are taking advantage of Ethereum’s recent dip to increase their holdings, even as the altcoin’s dominance in the crypto market drops to a historic low of 8%.
Like many other altcoins, Ethereum remains under pressure as market sentiment around risk assets continues to weaken. The broader environment is weighed down by macroeconomic uncertainty, particularly new tariff announcements, which have contributed to volatility in both Bitcoin and equities.
Ethereum’s price has plummeted 46% over the past year, significantly underperforming Bitcoin. According to crypto analyst Rekt Capital, ETH’s dominance has been on a steady decline since June 2023, falling from 20% to the current 8%. However, Rekt notes that historically, Ethereum’s market cap share tends to rebound from these levels — potentially signaling a turnaround ahead.
Large investors seem to agree. As ETH hovers below $2,000, on-chain data shows whale activity has intensified. According to IntoTheBlock, the number of large transactions surged from 4.41k on April 2 to over 4.61k on April 4. On average, large ETH transfers have hovered around 5.5k per day this past week.
Per Lookonchain, three major whale wallets accumulated more than $40 million worth of ETH in just the past 24 hours. One whale, in particular, has been buying aggressively since March 26, 2025 — including 3,195 ETH ($5.97M) on March 29, and another 4,100 ETH ($7.32M) on April 4. The investor’s latest average buy price was just $1,785 per coin, down from $1,868 in late March.
Altogether, the whale now holds 33,441 ETH, purchased for more than $65.5 million. The average cost basis for this stash stands at $1,959 per ETH, suggesting a strong long-term conviction despite short-term market weakness.
